The Beijing-based firm introduced late Friday that co-founder Su Hua was stepping down from the function, whereas staying on as chairman of the board.
Su’s fellow co-founder, Cheng Yixiao, was appointed chief govt, which took impact on Friday. Kuaishou mentioned that Su could be dedicating extra time going ahead to its long-term technique, whereas Cheng assumed accountability of day-to-day operations.
Su’s departure is one other instance of how among the nation’s prime C-suites have gotten a refresh amid a widening
regulatory clampdown.
In September, e-commerce big
JD.com (JD) mentioned that billionaire CEO Richard Liu would shift a few of his focus to long-term technique as the corporate took on a brand new president to assist handle its day by day affairs.
Earlier this yr, Zhang Yiming, the founding father of TikTok proprietor ByteDance, additionally
announced that he would step down as CEO to take a much less outstanding function within the firm.
And
Pinduoduo (PDD) founder Colin Huang
said in March that he would resign as chairman of an upstart e-commerce firm that competes with the likes of
Alibaba (BABA). Huang had already left his place as CEO final summer time.
Zhang and Huang mentioned they have been departing to strive new issues. Neither of them referred to the federal government crackdown of their bulletins, whereas a ByteDance spokesperson mentioned that Zhang’s determination to step down was not associated to regulatory strikes in China.
Kuaishou is one among China’s main social media companies. The Tencent-backed firm, whose identify means “quick hand” in Chinese language, owns an eponymous short-video and live-streaming app with about
300 million day by day energetic customers.
The corporate went public in an roughly $5.3 billion Hong Kong itemizing earlier this yr, marking what was then the
world’s biggest IPO since 2019.
Kuaishou shares fell practically 4% in Hong Kong on Monday, the primary buying and selling day after the announcement.
— Laura He and Jill Disis contributed to this report.
